This November we saw a 2.6% increase from the number of properties sold in November 2022 but a 3.2% decrease from October. Sales of condominiums were down 11.8% from this time last year and sales of single family homes increased by 6% from November 2022. At the end of November, we saw a decrease in active listings overall compared to the previous month of October but a 25.2% increase from the 2,111 active listings for sale at the end of November 2022.
It’s unsurprising to see this slight relaxation of sales in the market given the current interest rate environment, our sales numbers are lower than long term averages, but the pattern of seasonality within those lower numbers is what we would expect for this part of the year. We have seen a healthy 25% increase in the number of listings on market compared to last year and this is positive news as we recover from that long-term trend of very low inventory.
The longer we are in balanced market conditions, the easier transitions for buyers and sellers become. Now that we see some balance in the market, people have more inventory to pick from and may feel more confident listing their existing home. And of course, all buyers are having better experiences with more time and more choice. We always anticipate a seasonal reduction in activity over winter, but if you are contemplating a move in the new year, now is an excellent time to consult with your favourite Realtor to create your strategy ;)